The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-08-29
FINANCE AND COMMERCE.
Money 8 Per Cent, New York Ex.
change 1.S Premium.
SottoB Quiet-Midd'ing Cotton, s1sc
SALES To-day Un-
Important.

I
SATURDAY EVENING. August H. 1887. !
The money market Is firm, rates .
per cent.
The Manhattan Savings Bank and
Trust Company's monthly financial
circular, issued today, contains very
interesting matter, which will be read
with interest. l. says: "a compsri.
son Of quotations between this cay
and those OF sixty days ago will show
declines Of greater or less extent
greater in speculative securities and
less in investment bonds. The only
local securities that have escaped de.
clines appear to be Shelby county
bondr, Cotton Press stock, Memphis
Brick stock, James Il Graham Wagon
stock and one or two bank stocks.
The market at present Is dull, almost
nominal aud heavy, bat little move
ment having occurred during the past
two months. Those oil our readers
who read our monthly circulars OF last
February and March may not have
been unprepared for this condition
OF the market. With active com.
petition between our local banks,
making rates OF discount at that
time uni ustihsbly low, thus
encouraging customers to engage In
operations outside Of their regular
business; with steadily decreasing
bank reserve in New York; with the
multiplication OF new securities In all
the leading markets Of the country
with developments Of unusually dar.
ing and reckless speculations in prod.
acts and stocks 10 some OF the larger
cities North leading, In several cases,
10 disastrous results and producing as
founding revelations Of rascality In
trusted places; added to the uncer.
tsinty OF the financial policy Of the
United States Treasury Department.
here were potent factors sufii Gent Ia
produce q halt and then q retreat from
the field OF speculation to the strong
fortiAcation Of conservatism. We say
speculation, for tie prudent investor
who buys Il a. which he knows to be
good, who pays for what he buys, and
locks mp his securities, views with
oomplaeency theee declines In specu
lative securities He buys what pro
duoes him satisfactory returns on hii
investment, and no one can force him
10 sell his holdings. Is is the specu
lator who suasrs-he who buys, moi
TO hold, but to unload at an advance
he who buys AID promptly places bis
purchases in loan with his bank
or banker at small msrgin-beiDs
unable to pay for II. de Is this
one whose weifne Is In jeopardy
In times OF unusu,l stringency. II
would be we'll for people to bear thess
points in mind, aud TO Iestric. thai
operations, whether In stocks, bondr
merchandise or real estate, to q tcops
commensurate with their capital
Bearing the foregoing in mind, w
would now cay that whatever may be
Me course Of the New York market
prices OF our local investment sscurl
hes appear attractive enough; and
people with funds for Investment pur
poses would probably fad this q good
time 10 buy. With the coming move
ment and marketing Of our crops, and
the continued purchases Of bonds by
the United States Treasury, money
will gradually ease, and the con.
servs.ism produced by recent expe.
Renee viii PROBABLY make the reac.
ton here healthy one. Oar loca
conditions are iav lrable to successful
business this soaton; our crop pros
pee's, while not ne brilliant ss they
were, are satisfactory; the health Of
our city has bsen excellent; our mer
chants have been and are doing we'll
our trade Is enlsrging continually
outside capital continues tc
lock this way; and many build
ings Of great pretension are In
course Of erection. We, therefore, fee
great confidence In our future. Money
10 firm nj 8 per cent, with banks con.
flung favors otheir customers. Binkr
continue TO check on the East at
premium, and buy Eastern exchanpe
II par. The clesripgs OF the Memphi,
Bank for the 6,csl ysar ending Au
gust 3lst, will be about 900 900 900
sgainst $50 $4,000 In 1885; S67, 70i,
900 In 1885. and 800. 040, 900 In 1855
gratifying exhibit"
As TO cotton, Green & Cos New
York circular, OF the 9Th, says OF the
future market: There was a mos
cheerful and stronger market. The
Financial Chronicles report OF crop
conditions, ehowine rather unfavora
BILE features, vent abroad this morn
s.Ft eab Ihu y ttuuihtluN tutCt lOl
leading Manchester spinners TO pur
chase fall months In Liverpool, anC
the latter In turn became modera,,
buyer In our market This started {
local covering and altogether led 10
good demand, on which 7 TO o point
gain In price was made, with a Aim
closing at about the highest fgures g
the day. Spots continue scarce anC
fm."
IMPORTS.
One hundred brls apples, 80 ok
beans aud peas, 67 pkgs butter, 80
role bsggipg, rs ptss bacon, 1872 pkg
'boob and ehoep, 1000 bu corb, 2ll
pkgs cheese, 2 ears cotton seed, ZOO
bdls cotton tiee, 40 pkgs dry goods, 8
pkgs eggs, 900 bhs n Jur, SEP bale
haJ, OIL pkgs hats, DO head cattle, 4
head horses and mules, 500 pkgs lard
5000 fee, lumber, 40 pkgs iiquorr
500 brls lime, $50 bils meal, 1000 b,
oats, 10 brls onions, 20 brls potatoes
4 cars pork sides, 30 pkgs rise, Is
A